LG Electronics withdraws from Formula 1 as five year deal ends 22 November, 2013 Bernie Ecclestone with LG Electronics Chief Marketing Officer Dermot Boden South Korean-based consumer electronics group LG announced on Thursday the end of a five-year global partnership deal with Formula 1. A statement, issued on behalf of the world’s second biggest television maker, ahead of this weekend’s season-ending Brazilian Grand Prix, said that LG would be “refocusing its sponsorship strategy towards regional platforms from 2014 onwards”. LG signed a deal with Formula 1′s commercial supremo Bernie Ecclestone in November 2008 to be a technology partner with the company’s branding on the international broadcast feed and timekeeping systems. Rolex are now Formula 1′s official timekeepers after announcing a deal last December. (Reuters) Subbed by AJN.